ABS-CBN capital increase reshapes Lopez ownership

ABS-CBN Corp. vows to remain a Lopez family-led business despite Lopez Inc. losing its majority shareholder status following the broadcaster’s approved capital increase.

At its 30 September special stockholders’ meeting, shareholders representing 82.97 percent of ABS-CBN’s outstanding capital stock approved the increase in authorized capital to P4.5 billion from P1.5 billion, diluting Lopez Inc.’s 78.40 percent majority stake to 44.35 percent.

The Lopez family, however, will retain collective majority ownership through Lopez Inc., former chairman Eugenio “Gabby” Lopez’s Crème Investment Corp., and family-backed Mantes Corp. and Presta Holding Co., whose combined holdings will reach 61.37 percent. New investor I&C Holdings Corp. will acquire a 27.06 percent stake.

In a statement following the meeting, the broadcaster said it would maintain its course as it raises new funding amid a difficult financial period.

“ABS-CBN will remain a Lopez-led company as new investments come in as part of its efforts to build the new ABS-CBN,” it said.

The transaction forms part of the P6 billion capital infusion announced in August. I&C Holdings is set to provide P3.5 billion, while three Lopez family branches are investing a combined P2.2 billion. Lopez Inc. is contributing another P300 million.

The increase, still subject to regulatory approval, will expand the authorized common shares to 4.24 billion from 1.3 billion and preferred shares to 1.3 billion from 1 billion. Common shares carry a par value of P1 each, while preferred shares have a par value of P0.20 each.

The fresh capital is intended to support ABS-CBN’s rebuilding efforts as the company continues to operate across television, streaming, digital, film, music, live events and international markets.

The broadcaster announced earlier in September that it would cut about 200 jobs, or 7 percent of its workforce, citing the Middle East conflict, high inflation and weak economic growth as factors weighing on advertising and consumer spending.

“The program will cover around 200 people or 7% of the company’s workforce. We know this will deeply affect our employees and their families, and we intend to manage this the way we have always done—with compassion for our Kapamilya,” the broadcaster said.

In the same 15 September statement, the company backed the planned investments.

“The new investments are a vote of confidence in the future of the company and will help ABS in our journey towards recovery and new successes,” the company said.

“We are in the process of re-building and re-creating ABS-CBN towards a new future as a global storytelling company.”

ABS-CBN reported P6.88 billion in consolidated revenue in the first half of 2026, down 17 percent year-on-year, while its net loss widened to P1.83 billion from P852 million, extending the company’s financial downturn following the loss of its franchise in 2020.